The Minerals Management Service (MMS) recently completed an assessment of undiscovered technically recoverable resources (UTRR) underlying offshore waters on the Outer Continental Shelf (OCS). The astounding result:

The MMS estimate found "that the quantity of undiscovered technically recoverable resources ranges from 66.6 to 115.3 billion barrels of oil and 326.4 to 565.9 trillion cubic feet of natural gas."
OUCH! That DWARFS the recoverable oil in ANWR!
And that's not the end of the good news.

Another U.S. Geological Survey estimates that 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil lies under North Dakota and Montana in an area known as the Bakken Formation -- that's 25 times as many barrels as they'd originally thought.
But here comes the piece de resistance... wait until you hear this!
Former Speaker of the House Newt Gingrich recently pointed out the following on his American Solutions website:
"With oil prices at an all-time high, Americans are facing escalating gas, diesel, and aircraft fuel increases. Oil prices are projected to increase further."

"Congress, however, has made it illegal to develop vast domestic oil resources in large parts of the United States.

"The most startling Congressional prohibition on domestic oil production concerns the recently enacted ban on the development of oil shale resources in parts of Colorado, Utah, and Wyoming in the Green River Formation. According to a Rand Study estimate, this reserve contains over one trillion barrels of oil, with 800 billion barrels fully recoverable, or three times the current oil reserves as Saudi Arabia."
You read that right! According to Gingrich, Congress "HAS MADE IT ILLEGAL TO DEVELOP VAST DOMESTIC OIL RESOURCES..."

Watch all 8 parts of this

http://www.youtube.com/results?search_query=lindsey+williams&search_type

In 1999 the rules were changed on who could buy oil futures. Prior to 1999, only companies that produced oil related products could purchase futures. That all changed and now with only 5% of the $$ down, all the big shot investment houses started bidding up the cost of a barrel of oil. So who is to blame? Our wonderful congress....they screw up everything they touch. :FIREdevil:

http://media.townhall.com/Townhall/Car/b/varv06132008a.jpg

Watch all 8 parts of this

http://www.youtube.com/results?search_query=lindsey+williams&search_type

That's either great fiction or just plain scary.

To summarize for those who don't have 1+ hours to watch: In the YouTube video that was posted in January, Lindsey Williams warns that gas will be over $4.00 a gallon in the coming months. He explains that 30 or so years ago, Kissigner brokered a deal with OPEC that we would make them rich by buying their oil if they would do two things: (1) denominate all oil sales in U.S. dollars and (2) use a portion of the proceeds to buy U.S. government debt (Treasury securities). This arrangement has supposedly worked so far to support the value of the dollar as the government has spent itself into its huge deficit. According to Williams, who worked as a chaplain when they were building the Alaskan pipeline and got to know the oil barons, the major oil companies have discovered enough oil on the North slope of Alaska to last us 200 years ($3 a barrel extraction cost resulting in $1.50 a gallon gasoline to the public). However, the U.S. government has declared this discovery classified because the huge additional supply would drive the price of oil so low that it would collapse our arrangement with OPEC and destroy the value of the U.S. dollar because OPEC would no longer have the cash to buy our debt. Williams says that the real decision makers are not the U.S. government but the World Bank and International Monetary Fund who are making obscene profits with the money that OPEC is lending back (dwarfing the profits that the oil companies are making). The only top oil producing countries that didn't go along with the OPEC deal were Iraq and Iran. We supposedly okayed Sadam Hussein's invasion to retake Kuwait in advance as a way to later turn on him and justify invading Iraq to prevent Hessein from flooding the market with oil and driving the price down. Iran has supposedly announced that they are going to start flooding the market with their oil and denominate the sales in Euros which would undercut not only the price of oil but the U.S. dollar as well. Therefore, we will soon be taking more action to stop Iran. Bush doesn't have enough political clout to get us into another military engagement at the moment, so the conflict will have to be staged through an initial conflict between Iran and Israel who we will step in to defend. The implication of all this is that the price of oil and thus the money that OPEC gets and lends us back must continue to go up so long as the U.S. deficit continues to expand or our economy will collapse. The last thing that the U.S. government needs right now is a huge discovery of oil.

Like I said - quite a tale. Of course everything seems more plausible in hindsight. My only comment is that wouldn't the discovery of U.S. source oil generate U.S. wealth that could be taxed and used to at least partially reduce the deficit even if it did result in a sharp decrease is the price of oil? Perhaps the tax revenue increases would not be quick enough to prevent a collapse of the dollar in the interim? Williams would probably say that this would not work because the 13 wealthy U.S. and European families that control the World Bank and International Monetary Fund (which have a stranglehold on the U.S. government and OPEC) would not let this happen because it would kill the profits that they are making as the price of oil soars.

I watched that one thinking it would be a waste.

It wasn't.

Then I decided to watch the interview of the author of the book he recommended in his presentation. Here is the link to the first part. Definitely worth the time to find out about the puppet masters.

And Marcus wondered why I don't want the government to develop technology to read my mind.:cussing:


http://www.youtube.com/watch?v=yTbdnNgqfs8&feature=related

http://www.youtube.com/watch?v=29GhXsx7-Rs&feature=related

Here is the second hour. Boy.

That's either great fiction or just plain scary.




I usually don't post on these kinds of threads, but.....

Thanks much for the summary John. I call BS on the whole thing. No politician would let $1.50 oil get away from them. Would guarantee reelection. The Saudis don't buy all our debt, besides, like you said, that much oil would be worth at least as much as the debt purchase. This guy probably believes the World Trade Center collapse on 9/11 was a gov't plot, UFOs are real, & the Loch Ness monster & Bigfoot have been sighted recently.

Steve it may well be possible, Have you ever heard of "Oilsands" It is proven to be the second largest ever found in the world. Right here in north America just a geological stones throws from the northern slope. Many say it may be the largest ever.

An estimated 1.7 to 2.5 trillion barrels of oil are trapped in a complex mixture of sand, water and clay

http://www.energy.gov.ab.ca/OilSands/oilsands.asp


I usually don't post on these kinds of threads, but.....

Thanks much for the summary John. I call BS on the whole thing. No politician would let $1.50 oil get away from them. Would guarantee reelection. The Saudis don't buy all our debt, besides, like you said, that much oil would be worth at least as much as the debt purchase. This guy probably believes the World Trade Centercollapse on 9/11 was a gov't plot, UFOs are real, & the Loch Ness monster & Bigfoot have been sighted recently.

Roland,

The oil sands are a very different matter. Been known about for a long time, but until recently oil was too cheap for them to be economical, plus of course the usual environmental wackos opposing it. There are vast oil sands in Canada also.

We are both up too early for Sunday!

Really scary stuff...thanks for sharing the youtube videos of Lindsey Williams.

I am sure that if you are getting your information from the oil companies themselves the information may be skewed to their viewpoint, but the fact that there is so much oil that we are not using in Alaska and GOM (and that is forgetting about expensive oil sand and oil shale that have just now become feasible due to prices getting so high) casts a great deal of suspicion on the manipulation (or in some cases just complete mismanagement) of oil and our currency by our government and other governments.

Even if this is conspiracy talk I am also inclined to believe "where there is smoke..."

we will soon be taking more action to stop Iran. Bush doesn't have enough political clout to get us into another military engagement at the moment, so the conflict will have to be staged through an initial conflict between Iran and Israel who we will step in to defend.

Thanks for the summary John.

Support for Lindsey's argument is evident by Bush's actions on Iran. He has been attempting to build a case for attacking Iran for quite some time. I believe it was just after 911 that he declared Iran an 'axis of evil'...I find that quite rich coming from his mouth. Anyhow, just look into his propaganda that Iran is trying to build a nuclear bomb even after our own intelligence delivered a comprehensive report stating that Iran isn't a threat.

Thanks for the summary John.

Support for Lindsey's argument is evident by Bush's actions on Iran. He has been attempting to build a case for attacking Iran for quite some time. I believe it was just after 911 that he declared Iran an 'axis of evil'...I find that quite rich coming from his mouth. Anyhow, just look into his propaganda that Iran is trying to build a nuclear bomb even after our own intelligence delivered a comprehensive report stating that Iran isn't a threat.

I believe we might see some low intensity, small vessel , naval conflicts that end up being diplomaically resolved. Wash. Repeat. And so on...

But I doubt a full on war is immient.

http://media.townhall.com/Townhall/Car/b/lb0618cd.jpg

http://media.townhall.com/Townhall/Car/b/varv06132008a.jpg

Our commander in chief!!!nuff said.

What congressman do I have to kick in the balls to get my $1.50 per gallon? Seriously, things like this is what leads to revolutions in third world countries like Kyrgyzstan. They had one not that long ago back in the we year of 2005 cause there Government was a bunch of jerk-off's robbing them blind. Well Government had a chang eof mind when 150 thousand people showed up at the front door ready to kick some ass!

This country is heading to a bad spot and im very afraid im on the side that is gonna be caught between a rock and a hard place.

Elections are not far away. I say we start over.:whip::whip:

The largest natural gas deposits in the US run from W. Virginia through the western half of Penn and then along the Penn/NY border. Easier to access than offshore and cheaper.

Israel puppet. USA puppet master. Foreign aide and military equipment the catalyst. Bush finds someone else to do the dirty work.


REUTERS/HAARETZ: Last update - 14:35 21/06/2008


An Israeli political official familiar an Israeli drill reportedly held in preparation for a military raid on Iran's nuclear facilities told the London-based Times on Saturday that the Iranians should view the exercise as a warning.



"Read the writing on the wall" the official urged Iran. "This was a dress rehearsal, and the Iranians should read the script before they continue with their program for nuclear weapons. If diplomacy does not yield results, Israel will take military steps to halt Tehran's production of bomb-grade uranium."



The New York Times on Friday cited unidentified American officials as saying that more than 100 Israeli F-16 and F-15 fighter jets took part in the maneuvers over the eastern Mediterranean and Greece during the first week of June.

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Prime Minister Ehud Olmert's office declined to comment on the reported exercise, but a senior lawmaker in his Kadima Party said Saturday that diplomatic efforts to curb Iran's nuclear program have failed and that the next 1-2 years would be critical.



Tzachi Hanegbi, who heads the Knesset Foreign Affairs and Defense Committee, told Israel Radio that the world had to decide how to proceed.



An Israeli military spokesman said of the report: "The Israeli Air Force regularly trains for various missions in order to confront and meet the challenges posed by the threats facing Israel."



Meanwhile, in remarks aired Friday, the head of the United Nations nuclear watchdog said that he would resign if a military attack was launched against Iran, warning that any such attack would turn the region into a "fireball."



International Atomic Energy Agency Director General Mohammed ElBaradei told Al Arabiya television that "I don't believe that what I see in Iran today is a current, grave and urgent danger. If a military strike is carried out against Iran at this time ... it would make me unable to continue my work."



"A military strike, in my opinion, would be worse than anything possible. It would turn the region into a fireball," he said, emphasizing that any attack would only make the Islamic Republic more determined to obtain nuclear power.



"If you do a military strike, it will mean that Iran, if it is not already making nuclear weapons, will launch a crash course to build nuclear weapons with the blessing of all Iranians, even those in the West."



Earlier Friday, Oil prices jumped more than $3 on Friday on reports of rising tensions between Israel and Iran.



A hardline Iranian cleric said Friday that Israel and its U.S. ally would receive a "slap in the face" if they speak of using force against the Islamic Republic, a member of the Organization of Petroleum Exporting Countries (OPEC).



Energy experts are concerned any conflict in Iran could lead to a shutdown of the Strait of Hormuz, a waterway separating Iran from the Arabian Peninsula, through which roughly 40 percent of the world's traded oil is shipped.



Friday's spike was not the first caused by tensions between Israel and Iran. Oil prices soared $11 on June 6, after former Israel Defense Forces Chief of Staff and Transportation Minister Shaul Mofaz said in a newspaper interview that "if Iran continues with its program for developing nuclear weapons, we will attack it. The sanctions are ineffective. Attacking Iran, in order to stop its nuclear plans, will be unavoidable."



Adding to oil's gains Friday, Royal Dutch Shell shut 220,000 barrels of daily production in Nigeria after militants in speedboats attacked the Bonga offshore oil facility.



Shell said it was too soon to say how long output at the deepwater installation would be shut. Nigeria, another OPEC member, is already producing about 20 percent below potential due to sabotage by militants in the Niger Delta oil hub.



The gains marked a reversal from heavy losses Thursday that had been triggered by news China was raising domestic fuel prices -- a move that could slow demand growth in the world's second largest energy consumer -- and expectations Saudi Arabia was planning a 6 percent output hike.



"The petroleum markets rebounded ... on worries that Israeli military exercises held in the first week of June might have been preparation for a strike against Iranian nuclear facilities," said Tim Evans, energy analyst for Citi Futures Perspective in New York.



U.S. July crude, which was expiring on Friday, rose $3.12 to $135.05 a barrel by the evening, off highs of $136.80. London Brent was up $3.06 at $135.06.



China move to backfire



Oil prices had plunged nearly $5 in the previous session after China raised fuel prices by up to 18 percent, its first hike in eight months, as the government bowed to a nearly $40 increase in crude prices since the last hike in November.



Initial forecasts suggested the move by China would hurt demand, but some analysts now say consumption could rise as the price increase will encourage healthier supply at the pumps.



Chinese fuel retailers have had to deal with long queues of customers and rationing as refiners cut back on production to limit hefty losses made by selling discounted fuel.



"We do not think that a country where consumers are used to waiting 3 hours for automotive fuel in many cases will see significant negative demand elasticity from a simple 20 percent price increase," said Citi analyst James Neale.



Demand for oil by China, India and the Middle East has been cited as a factor behind crude's almost sevenfold surge from $20 six years ago to a record high of nearly $140 a barrel.



Oil's rally on Friday also came despite assurances from Saudi Arabia that it was raising its production after months of pressure from consumer nations calling for more supply.



Saudi Oil Minister Ali al-Naimi confirmed on Friday the kingdom will be pumping 9.7 million barrels per day of crude in July, an increase of 550,000 barrels per day since May.



Oil traders said Friday's strength was also supported by a weaker dollar, which improves the purchasing power of buyers using other currencies and encourages investors to ply money into commodities as a hedge against inflation.



http://www.haaretz.com/hasen/spages/994801.html

CIA's report on Iran threat http://news.bbc.co.uk/2/hi/americas/6167304.stm

Planning and changes in US energy policy needed to get under way during Bill's reign to avoid being where we are right now.
If the Democrats in Congress ran the farmers we would all starve to death.
They would say, "What reason do we have to plant crops for next year when we are all hungry now"

when you hear the obasm rail against "the failed policies of the past" as he states his opposition to drilling, you have to keep in mind what the policies of the past were.

They were -ahem- to not drill. This started in the early 1980's. 97% of our oil is off limits under federal law.

We have not produced this little domestic oil since about 1946. That's 62 YEARS we've set ourselves back.

And the same politicians that stand up there & gripe about the oil companies are the ones responsible for getting & keeping us in this position.

American oil companies control about 5% of the oil brought to market. The other 95% is owned/controlled by foreigners. Seems to me that if we put most of our eggs in their basket, they're going to control the basket.

when you hear the obasm rail against "the failed policies of the past" as he states his opposition to drilling, you have to keep in mind what the policies of the past were.

They were -ahem- to not drill. This started in the early 1980's. 97% of our oil is off limits under federal law.

We have not produced this little domestic oil since about 1946. That's 62 YEARS we've set ourselves back.

And the same politicians that stand up there & gripe about the oil companies are the ones responsible for getting & keeping us in this position.

American oil companies control about 5% of the oil brought to market. The other 95% is owned/controlled by foreigners. Seems to me that if we put most of our eggs in their basket, they're going to control the basket.
The foreigners control so much because that is where the oil is located. Even if we were to drill in Anwar and the GoM and along the eastern and western coasts it wouldn't drastically change those numbers. The largest deposits being recently discovered are in Central Asia and the caspian basin not in the US. That said I dont oppose the drilling of test wells in any of the places mentioned to determine how much oil we have and whether its worth opening up said fields.

Well, as things stand now, we can't do anything.

So far, we have a lot of "Nope, can't do that.". Mostly coming from people who continue to bitch about high energy prices.

Let's drill ANWR.

Nope.

Let's drill offshore.

Nope.

Let's drill on land.

Nope.

Let's build some refineries.

Nope

Let's build more dams for hydro electric power.

Nope, might threaten a fish or something.

Let's build some reactors.

Nope.

Lets build some wind farms.

Nope.

OK, we what the friggin' hell are we SUPPOSED to do???

Well, as things stand now, we can't do anything.

So far, we have a lot of "Nope, can't do that.". Mostly coming from people who continue to bitch about high energy prices.

Let's drill ANWR.

Nope.

Let's drill offshore.

Nope.

Let's drill on land.

Nope.

Let's build some refineries.

Nope

Let's build more dams for hydro electric power.

Nope, might threaten a fish or something.

Let's build some reactors.

Nope.

Lets build some wind farms.

Nope.

OK, we what the friggin' hell are we SUPPOSED to do???

Drink:toast::toast:

I was watching the subpannel on this problem this morning. Some interesting things came up. According to the experts.

1. The margin on oil trading is only %5. When in stocks it is %50.
2. Only 1% of the traders ever take or could take delivery.
3. There is 280 Billion in outstanding contracts right now.
4. Most oil companies new investments are based around $70.00 a barrell.
5. The semand for gasoline has not risen very much. It is an American product for the most part. The demand for diesel has risen as it is a World- wide prodcut.
6. Most oil producing countrys subsidize there fuel prices so their people have not felt the price increase like we have. In other words, the middle eastern populations don't care if the price goes to 10 a gallon.

Proposals on the table

1. ASAP make the trading margin %50 for the players that cannot take delivery. Leave the %5 for the players that can take delivery.
2. Put volume limits on trades.
3. Looking at giving companies 5 years on government leases. Use it or lose it.
4. Start drilling.


And of course the Dems blame the traders. The repubs blame the traders also but want us to start drilling. And the dem from Arkansas is an idiot.

Another view...

Mexico's nationalizing of it's petroleum has had the forseeable effect of slowing it's production output due to a lack of incentive...just like Russia. Now, the government is starting to back track.

http://www.csmonitor.com/2008/0430/p08s01-comv.html

The other point that was made was that it the government forces too much regulation on the traders they will trade abroad instead of here. The dems will have a hard time controlling those phone calls.